Lemon Tree hotel in Ghaziabad
Lemon Tree to set 18 hotels; will invest Rs 2,150 cr by 2011
In tune with its plan to become India's second largest hotel-chain, Delhi-based 'Lemon Tree' has earmarked a budget of Rs 2,150 crore for setting up 18 hotels in the country by 2011.
The company has already invested around Rs 1,050 crore for setting up five hotels and invest another 1,100 crore in setting up hotels and shopping malls in next three years.
"By 2011, we will be the second largest hotel chain in the country with a capacity of over 2500 rooms having presence in 18 cities across India," Lemon Tree Chairman and Managing Director Patu Keswani told reporters here at the inauguration of its fifth hotel in Kausambi in Ghaziabad.
With the inauguration of its hotel in Ghaziabad, the company has now five operating hotels, including two in Gurgaon, a beach resort in Pune.
"We already had invested Rs 1,050 crore in buying properties and in setting up malls and hotels, and now, we have finalised plans to invest another Rs 1,100 crore in the next three years to expand our projects," Keswani said.
Out of the proposed fresh investments of Rs 1,100 crore, it would spent around Rs 400 crore in setting up malls and the rest Rs 700 crore would go in setting in budget hotels under the brand name 'Red Fox' in different cities.
The newly built hotel in Ghaziabad would also be the first of Lemon Tree Hotels to be built on top of a mall and the company would also set up similar hotels in cities like, Jaipur, Pune, Mumbai Bhubneswar, Ranchi and Gurgaon.
The company is planning to raise funds through the mix of equity participation and internal accruals, Keswani said.
It has reported a revenue of Rs 60 crore during last fiscal and is targeting to cross Rs 100 crore in FY 2008-09. Besides, the company is also planning list itself by 2011.
In tune with its plan to become India's second largest hotel-chain, Delhi-based 'Lemon Tree' has earmarked a budget of Rs 2,150 crore for setting up 18 hotels in the country by 2011.
The company has already invested around Rs 1,050 crore for setting up five hotels and invest another 1,100 crore in setting up hotels and shopping malls in next three years.
"By 2011, we will be the second largest hotel chain in the country with a capacity of over 2500 rooms having presence in 18 cities across India," Lemon Tree Chairman and Managing Director Patu Keswani told reporters here at the inauguration of its fifth hotel in Kausambi in Ghaziabad.
With the inauguration of its hotel in Ghaziabad, the company has now five operating hotels, including two in Gurgaon, a beach resort in Pune.
"We already had invested Rs 1,050 crore in buying properties and in setting up malls and hotels, and now, we have finalised plans to invest another Rs 1,100 crore in the next three years to expand our projects," Keswani said.
Out of the proposed fresh investments of Rs 1,100 crore, it would spent around Rs 400 crore in setting up malls and the rest Rs 700 crore would go in setting in budget hotels under the brand name 'Red Fox' in different cities.
The newly built hotel in Ghaziabad would also be the first of Lemon Tree Hotels to be built on top of a mall and the company would also set up similar hotels in cities like, Jaipur, Pune, Mumbai Bhubneswar, Ranchi and Gurgaon.
The company is planning to raise funds through the mix of equity participation and internal accruals, Keswani said.
It has reported a revenue of Rs 60 crore during last fiscal and is targeting to cross Rs 100 crore in FY 2008-09. Besides, the company is also planning list itself by 2011.